Transactions through United Payments Interface recorded an 88 percent increase in volume at 19.65 billion and over 71 percent increase in value at Rs 32.5 trillion in Q3 of 2022 as compared to Q3 of 2021.
UPI Person-to-Merchant (P2M) and Person-to-Person (P2P) emerged as the most chosen payment method among consumers, accounting for 42 percent of total transaction volume, said Worldline India’s ‘India Digital Payments Report’ for Q3 2022 on December 5.
Conversely, in regards to value, UPI P2M contributed to 19 percent of digital transactions, whereas UPI P2P counted for 65 percent. This is followed by credit and debit card payments, which accounted for 7 percent of volume and 14 percent of value.
“Digital payments are gradually becoming like a commodity and forming a subtle yet an integral part of our lives. The swift adoption of digital payments can be witnessed with each passing quarter. Popular payment instruments like UPI, cards, PPIs are already clocking over 23 billion transactions in a quarter,” said Ramesh Narasimhan, Chief Executive Officer, India, Worldline.